Any good investor knows to put a bit of their investments into the commodity market. Gold is historically the top trading commodity. From building a retirement nest egg to making beer money, gold can do it all for you when you use the tips below.
When you sell gold, get an idea of value from a number of sources. Many jewelry stores and gold buying services are available, and they will all usually take a different profit on the gold they are purchasing. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
Precious Metals
Before you buy or sell your gold, make sure you understand how the prices of precious metals work. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.
Always do your homework to find an honest and reputable gold buyer. Read online reviews and check with your local Better Business Bureau to find out if a dealer has any complaints filed against them. Talk to several different buyers and get quotes from all of them to ensure you get the best price for your items.
Always make delivery arrangements before purchasing gold from a vendor. Delivery times are important. When dealing with a vendor, it pays to seek written confirmation of the expected delivery date. This is crucial if they do not offer the option to deliver immediately. The date they expect you to get them should be listed. Proceed with the order only if you get this confirmation.
If you want to invest in gold, but lack significant capital, think about getting into scrap. It is possible to accomplish this over the long haul, by purchasing some gold every pay day, and build up a valuable reserve within a year. Make sure you keep the gold secured. A safety deposit box is a good place.
Melt Value
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Most private sellers and pawn brokers are only willing to pay melt value for gold jewelry. Never let this dissuade you, however, as you are sure to locate an appropriate buyer eventually.
If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Most companies will advertise free shipping, but they often charge a lot to put the items back in the mail. It’s best to be prepared so you are not surprised by return shipping charges.
Don’t sell to entities that are not licensed by the state to buy gold. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There are many people who will buy your gold, but some are out to rip you off.
You could also use GoldMoney to buy gold. It can be compared to “gold bank accounts.” With this service the money in your account is converted into gold. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
Keep your gold investing to yourself. You never know who else could be listening or who you can really trust. Do not tell others about your investment, and keep it locked up either in a home safe or at a bank. This keeps the gold and you safe under various circumstances.
You should apply the tips you just read to invest in gold. You can invest in gold to diversify your portfolio, make long-term profit or to insure your personal wealth. Keep all of this in mind to succeed with gold.